NEWS

Contact: John Pilger (408) 730-7535 FOR IMMEDIATE RELEASE May 24, 2012 Release # 05 12 12

SUNNYVALE TOWN CENTER UPDATE

SUNNYVALE, Calif. Sunnyvale Town Center will eventually fulfill the Citys dream of a vibrant retail, commercial and residential hub. What many people dont know, however, is that this project is a private development. It is neither City-owned nor City-managed. Many have asked the City why we are not completing the project. The answer is twofold. First, it is not ours to complete. But the second reason is rather onerous. The project has been tied up by delaying lawsuits that have served little purpose other than to hold the project hostage. Peter Pau, the former minority partner in the development enterprise that was unable to complete the project due to a lack of funding, has filed numerous lawsuits that have only served to dissuade potential site developers. In fact, a nationally-recognized development team was set to come in and finish the project in 2011. That is, until the barrage of lawsuits blocked their entry. Despite the litigation, Wells Fargo Bank continued to invest in the project, which ultimately has brought Nokia and Apple to the Town Center. Thats nearly 1,000 new workers who will be working and shopping in Sunnyvale. ~ more ~

Santa Clara County Superior Court ruled against Pau in another suit involving Pau and Wells Fargo Bank. A seven-page written decision ruling against Paus challenges to Wells continued investments in the Sunnyvale Town Center was issued Wednesday (May 23). Other lawsuits involving Pau which have delayed Sunnyvale Town Center will be heard by the courts June 14 and July 19. ###

NOTE TO EDITORS: If you are receiving this news release by email, a copy of the May 23 Superior Courts decision is attached. Editors and reporters who need the decision emailed to them may request a copy by calling the Citys Communications Office at (408) 730-7535.